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3 ways young entrepreneurship is affecting hiring

I.T and social networking are presenting an increasingly clearer platform of knowledge sharing and networking for our younger generation. As a result of this, a sweep of entrepreneurial opportunities seems to be whisking our youngest off their feet, presenting new risks and implications for human resource professionals.

Why now? This generation is now fuelled by a wealth of knowledge which has been influenced by varying cultures and standpoints all made possible through instant communication and web-based information delivery. Pre-net, such in-depth insights were only attainable through workplace interactions or collaborative research efforts.

What’s more, the traditional advantage a business was once able to offer its employees such as, abundant resources, extensive training capabilities and established networks and connections, is now less possible. With training and networking having an enormous online presence and with the increased ability for young people to borrow capital and build on their visions, there is now less need for them to engage in the support facilities which businesses once empowered themselves with.

In fact, we often find that it is employees that now hold the advantage, having multiple paths available to exercise their talents while their superiors struggle to retain them or on the other hand, engage them in the task at hand.

A young entrepreneur in the 21st century sees their neighbours challenge as their opportunity. They have come to realise that globalisation is inevitable and economic events such as recessions are usually beyond their control. They have developed the ability to use such events to their advantage- having learnt from the successes and failures of their entrepreneurial forefathers.

From observing the threats faced by an increasingly resolute and privileged generation, Recruitment Coach points out some key considerations which must be considered by anyone responsible for people management and human resources capital pool.

1. New recruitment strategies

The traditional methods of recruitment are proving less effective as the current generation becomes disengaged with print media and tend to less traditional perks that come with the job. They have begun to realise that early salary sacrifice for the sake of being able to exercise initiative, have autonomy and incorporate learning and development into their roles, means greater outlooks and earning potential for them in the future.

Thus while salary is always important, especially for those wishing to fund their entrepreneurial visions, recruiters and employers must analyse the true values of this generation and assess how to best gain a competitive advantage with their human capital pool.

2. Investing in an uncertain future

Young people seem to have a tendency to integrate their social and work lives, thus the importance of transparency needs to be realised in the growth and career potential of young professionals.

This seems to be particularly important when planning for future leaders. It would seem that it is increasingly difficult for companies to lock in a clear future with such high volume movement in and out of their workforce, comparable to earlier years. Traditional succession planning models are proving fruitless with such an uncertain future.

3. Empowering young employees

You could almost say that a common characteristic of the newer generation is the tendency to ‘view their employer as their client’ as they grow more resourceful and self supporting. While it still remains important for some businesses to maintain a hierarchical management structure, many businesses may find themselves having to restructure learning and development so that it can be facilitated by the youngest members of the business, as they may hold the essential skills.

Due to their knowledge gaining abilities and their diverse insights, as a result of immediate cultural interaction, they will demand to be empowered to have more voice in the strategic planning for the future. Taking a page from the book of young entrepreneurs, such demands and expectations from this generation should be looked on as a future benefit, heading an exciting future business landscape.

Recruitment Coach is a unique coaching and consulting firm for small to medium businesses, specialising in simple, effective human resources strategies. Contact us for more information.

Paula Maidens

Paula Maidens

Paula Maidens is Managing Director of <a href="http://www.recruitmentcoach.com.au/">Recruitment Coach,</a> a unique HR coaching and consulting firm for small-medium businesses.

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